GOVD.L vs. FZROX

Last updated Jul 7, 2026

GOVD.L (Lyxor Core Global Government Bond (DR) UCITS ETF - Dist) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - GOVD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, GOVD.L returned -2.71%/yr vs 12.97%/yr for FZROX. At a 0.11 correlation, their price movements are largely independent. GOVD.L charges 0.09%/yr vs 0.00%/yr for FZROX.

Performance

GOVD.L vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOVD.L is traded in GBP, while FZROX is traded in USD. To make them comparable, the FZROX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOVD.L achieves a -0.85% return, which is significantly lower than FZROX's 11.78% return.

GOVD.L

• 1D: -0.17%
• 1M: 0.17%
• 6M: -0.17%
• YTD: -0.85%
• 1Y: 0.44%
• 3Y*: 0.62%
• 5Y*: -2.71%
• 10Y*: —

FZROX

• 1D: -0.64%
• 1M: 1.84%
• 6M: 11.17%
• YTD: 11.78%
• 1Y: 23.90%
• 3Y*: 18.34%
• 5Y*: 12.97%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVD.L vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist	-0.85%	-0.20%	-1.78%	-1.14%	-8.48%	-5.98%	-22.93%
FZROX Fidelity ZERO Total Market Index Fund	11.78%	8.88%	26.10%	19.90%	-9.60%	27.19%	13.54%

Correlation

The correlation between GOVD.L and FZROX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.11

Return for Risk

GOVD.L vs. FZROX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOVD.L

GOVD.L Risk / Return Rank: 23
GOVD.L Sharpe Ratio Rank: 9
GOVD.L Sortino Ratio Rank: 24
GOVD.L Omega Ratio Rank: 65
GOVD.L Calmar Ratio Rank: 9
GOVD.L Martin Ratio Rank: 9

FZROX

FZROX Risk / Return Rank: 63
FZROX Sharpe Ratio Rank: 60
FZROX Sortino Ratio Rank: 55
FZROX Omega Ratio Rank: 57
FZROX Calmar Ratio Rank: 66
FZROX Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GOVD.L vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) and Fidelity ZERO Total Market Index Fund (FZROX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GOVD.L	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	0.00	2.04	-2.04
Sortino ratio: Return per unit of downside risk	1.21	2.68	-1.47
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	0.02	3.43	-3.41
Martin ratio: Return relative to average drawdown	0.02	13.01	-12.99

GOVD.L vs. FZROX - Sharpe Ratio Comparison

The current GOVD.L Sharpe Ratio is 0.00, which is lower than the FZROX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GOVD.L and FZROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GOVD.L vs. FZROX - Drawdown Comparison

The maximum GOVD.L drawdown since its inception was -38.07%, which is greater than FZROX's maximum drawdown of -27.17%. Use the drawdown chart below to compare losses from any high point for GOVD.L and FZROX.

Drawdown Indicators

	GOVD.L	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-38.07%	-27.17%	-10.90%
Max Drawdown (1Y) Largest decline over 1 year	-27.30%	-7.30%	-20.00%
Max Drawdown (3Y) Largest decline over 3 years	-27.30%	-22.56%	-4.74%
Max Drawdown (5Y) Largest decline over 5 years	-27.30%	-22.56%	-4.74%
Current Drawdown Current decline from peak	-36.28%	-1.04%	-35.24%
Average Drawdown Average peak-to-trough decline	-31.98%	-4.08%	-27.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.53%	1.92%	+20.61%

Volatility

GOVD.L vs. FZROX - Volatility Comparison

Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) has a higher volatility of 41.47% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 4.57%. This indicates that GOVD.L's price experiences larger fluctuations and is considered to be riskier than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVD.L	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.47%	4.57%	+36.90%
Volatility (6M) Calculated over the trailing 6-month period	120.69%	9.25%	+111.44%
Volatility (1Y) Calculated over the trailing 1-year period	149.84%	12.34%	+137.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.46%	16.43%	+51.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.96%	19.58%	+42.38%

GOVD.L vs. FZROX - Expense Ratio Comparison

GOVD.L has a 0.09% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GOVD.L vs. FZROX - Dividend Comparison

GOVD.L's dividend yield for the trailing twelve months is around 2.70%, more than FZROX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FZROX Fidelity ZERO Total Market Index Fund	0.92%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist	2.70%	2.68%	2.45%	1.64%	1.28%	1.23%	0.48%	0.00%

Frequently Asked Questions

Can I hold both GOVD.L and FZROX in my portfolio?

GOVD.L and FZROX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.